Oz building approvals show unexpected dip

Australian home-building approvals unexpectedly fell in October for the first time in five months after the government reduced grants to first-time buyers and the central bank raised interest rates.

The number of permits granted to build or renovate houses and apartments dropped 0.6% from September, when they rose a revised 5.1%, the Bureau of Statistics said in Sydney today. The median estimate of 20 economists surveyed by Bloomberg was for a 2% gain.

Approvals may fall further in coming months after central bank Governor Glenn Stevens raised interest rates today for a third straight month.